Peoria’s housing market has been experiencing notable changes, reflecting broader national trends while maintaining unique local characteristics. Understanding these shifts is essential for prospective buyers, sellers, and renters.
Home Values and Sales Trends
Recent data indicates a steady appreciation in home values within Peoria. As of April 2026, the average home value reached $132,671, marking a 6.9% increase over the past year. Homes are moving quickly, typically going pending in around 13 days. The median sale price stands at $114,000, with a median list price of $119,167. Notably, 22.8% of sales have been closing above the list price, underscoring a competitive market environment.
Rental Market Dynamics
The rental sector in Peoria also reflects significant activity. The median rent is currently $997 per month, with 180 rental listings available. This indicates a steady demand for rental properties, offering opportunities for both landlords and tenants.
New Developments and Community Growth
Peoria is witnessing growth through new developments aimed at enhancing community amenities and attracting residents. For instance, The Trailhead development in north Peoria has introduced a variety of new restaurants and retailers, contributing to the area’s transformation into a vibrant community hub. Such projects are expected to drive further housing and economic development in the region.
Market Outlook
Overall, Peoria’s housing market presents a dynamic landscape with opportunities for various stakeholders. The combination of rising home values, a competitive sales environment, and ongoing community developments suggests a promising outlook for the local real estate sector.